More than 3,000 employees took part in the survey, with the goal of benchmarking ourselves objectively against more than 1,000 other companies and organizations

more than 3 000 employees took part in the survey with the goal of benchmarking ourselves objectively against more than 1 000 other companies and organizations


the different buyers could bring there. And I think as I've mentioned before, we're encouraging each of the buyers to be as creative as they can in that area to

the different buyers could bring there and i think as i've mentioned before we're encouraging each of the buyers to be as creative as they can in that area to


We expect to sign additional contracts in the fourth quarter for fabrication work that includes detailed engineering and materials supply of our proprietary heaters.

we expect to sign additional contracts in the fourth quarter for fabrication work that includes detailed engineering and material supply of our proprietary heaters


results from a lag in passing through higher costs on certain noncontract, high value-added products. We've experienced this in the past when market conditions were similar.

results from a lag in passing through higher costs on certain noncontract high value-added products we've experienced this in the past when market conditions were similar


relative to national? Or would you expect international to be one of the strongest growth areas? Or how would you characterize the strongest growth?

relative to national or would you expect international to be one of the strongest growth areas or how would you characterize the strongest growth


voluntary retirement is wrapped up into that because it has to be factored into the overall amount of labor you have is to increase productivity, so increase really revenue

voluntary early retirement is wrapped up into that because it has to be factored into the overall amount of labor you have is to increase productivity so increase really revenue per


A by-product of our promotional activities was that we alienated some of our key professional channel partners that had been so critical to our business for years.

a byproduct of our promotional activities was that we alienated some of our key professional channel partners that had been so critical to our business for years


likely -- it's never -- you can never tell at this stage in the year. But this is probably likely to be a slower growth for

likely it's never -- it's you can never tell at this stage in the year but this is probably likely to be a slower growth for


Our customers now have the option to self-serve from the comfort of their homes or anywhere for that matter. We believe this to be a game changer in our industry.

our customers now have the option to self-serve from the comfort of their homes or anywhere for that matter we believe this to be a game changer in our industry


Just as a quick explanation why have we not done it before. In large projects, we had the choice

just as a quick explanation why have we not done it before in large projects we had the choice


Program integrity revenue can vary significantly from quarter-to-quarter, as our work identifies payment issues, which our clients are then able to fix.

program integrity revenue can vary significantly from quarter-to-quarter as our work identifies payment issues which our clients are then able to fix


we're getting a good number of looks. So I think we've improved our acquisition process over the past year. We're focused on continuing to improve that process.

we're getting a good number of looks so i think we've improved our acquisition process over the past year we're focused on continuing to improve that process


As we process the metal for a fee without taking ownership of the metal. This provides consistent returns, and although toll processing represents a small portion

as we process the metal for a fee without taking ownership of the metal this provides consistent returns and although toll processing represents a small portion


Once again, our operational performance was outstanding despite significant industry-wide challenges that continue to put pressure on metal pricing.

once again our operational performance was outstanding despite significant industry-wide challenges that continue to put pressure on metal pricing


It is important to note that the residential volumes were up low double digits in the quarter. Pricing for the commercial segment continues to get good traction.

it is important to note that the residential volumes were up low double digits in the quarter pricing for the commercial segment continues to get good traction


More robust demand in these categories in addition to continued brand investment and commercial participation will support such expectation.

moreover as demand in these categories in addition to continued brand investment and commercial participation will support such expectation


Also of note, in -- the fourth quarter of fiscal year '16 was the first time cross-border growth rates globally hit double digits in almost 3 years.

also of note in the fourth quarter of fiscal year '16 was the first time cross-border growth rates globally hit double digits in almost 3 years


which we do not control, in order to more than fully fund without dilution our faster growing, high-margin, large and concentrated core market

which we do not control in order to more than fully fund without dilution our faster growing high margin large and concentrated core market


We're not just trying to put numbers on the books because in the lending market, the problems always show up 2, 3, 4 years down the road. So I think that

we're not just trying to put numbers on the books because in the lending market the problems always show up 2 3 4 years down the road so i think that


It is safe to say that our people and our platform are very well-positioned to meet that demand and to deliver the highest level of service in each of the markets we serve.

it is safe to say that our people and our platform are very well positioned to meet that demand and to deliver the highest level of service in each of the markets we serve


favorable results in terms of the MTS growth portfolio, and that's an example of a new product introduction and new innovation on data analytics

favorable results in terms of the mts growth portfolio and that's an example of a new product introduction and new innovation on data analytics


To support this positive trend, we plan to expand our reimbursement headcount and efforts to provide additional claims processing education and support.

to support this positive trend we plan to expand our reimbursement headcount and efforts to provide additional claims processing education and support


As we discussed on our last call, we did not anticipate a catch-up effect to emerge in those areas affected by weather events in the third quarter,

as we discussed on our last call we did not anticipate a catch-up effect to emerge in those areas affected by weather events in the third quarter


at the time of the merger announcement was to provide an estimate of the improvements we believe we could achieve with the combined efforts of both companies.


it is possible that we may reconsider it, that we will maintain the current level based on the current forecast for now.

it is possible that we may reconsider it but we will maintain the current level based on the current forecast for now


The first thing I had observed about this chart is that the dotted red line which shows the composite, the overall rate change on the portfolio, is relatively consistent

the first thing i'd observe about this chart is that the dotted red line which shows the composite overall rate change on the portfolio is relatively consistent


As we have discussed previously, this business can be spiky and project timing can be difficult to predict and mix helped the margin in the quarter more than we expected.

as we have discussed previously this business can be spiky and project timing can be difficult to predict and mix helped the margin in the quarter more than we expected


And so to recap, we remain the largest new vehicle retailer in Australasia with a network of strong brands in strategic locations.

and so to recap we remain the largest new vehicle retailer in australasia with a network of strong brands in strategic locations


Finally, before Vincent goes through the finances and we look at each individual mine, a quick word about our exploration activities.

finally before vincent goes through the finances and we looked at each individual mine a quick word about our exploration activities


For PCs, revenue increased over the previous year. Revenue in Japan rose due to growth in enterprise sales.

for pcs revenue increased over the previous year revenue in japan rose due to growth in enterprise sales


Orders for our systems engineering business for this fiscal year have exceeded the revenue, so we see this fall in revenue is a temporary phenomenon.

orders for our systems engineering business for this fiscal year have exceeded the revenue so we see this fall in revenue as a temporary phenomenon


each of those subsidiaries is using a particular billing system that is provided by a relatively small provider.


We used a new data-driven and sophisticated process to assess store performance and more accurately forecast how this will change in the future.

we used a new data-driven and sophisticated process to assess store performance and more accurately forecast how this will change in the future


we don't want to give you exactly the figures on that one, but you need to trust us that the order intake in this area has been very solid in Q4 and continue to look very promising also for the running quarter.

we don't want to give you exactly the figures on that one but you need to trust us that the order intake in this area has been very solid in q4 and continue to look very promising also for the running quarter


rising trailing 12-month renewal rate and based upon the strength of our Every Comp, Everywhere campaign that we launched last fall.

rising trailing 12-month renewal rate and based upon the strength of our every comp everywhere campaign that we launched last fall


I think the top 2 businesses which are the main engines of the performance of the group at the moment, which were the things we've put under the spotlight externally at last year's Investor Day,

i think the top 2 businesses which are the main engines of the performance of the group at the moment which were the things we put under the spotlight externally at last year's investor day


and many more injector heads as well. Coiled tubing is the only industrial application of steel that pushes steel past its plastic deformation limits while demanding it continue to hold pressure and weight.

and many more injector heads as well cold tubing is the only industrial application of steel that pushes steel past its plastic deformation limits while demanding it continue to hold pressure and weight


we think that's the bigger impact, but we're also very glad they continue to take liquid fuels and will be very relevant to us for a long period of time.

we think that's the bigger impact but we're also very glad they continue to take liquid fuels and will be very relevant to us for a long period of time


But too often I think people think of this choice between high-quality panels and big datasets as you have to choose one or the other, and we just think that's the wrong way to think about

but too often i think people think of this choice between high-quality panels and big data sets as you have to choose one or the other and we just think that's the wrong way to think about it


Gross margin performance was very strong. Inventory levels have seemingly been managed well. Can you talk about how much more margin profile there is to gain

our gross margin performance was very strong inventory levels have seemingly been managed well can you talk about how much more margin profile there is to gain


through maybe some softness here in the back half of the year then that's something that may come into play. The other thing is relevant to, of course, is the energy side of things. We've done well there

through maybe some softness here in the back half of the year then that's something that may come into play the other thing that's relevant too of course is the energy side of things we've done well there


These savings have concretely manifested themselves this year in the form of being able to optimize 71 branches and reduce the corresponding headcount.

these savings have concretely manifested themselves this year in the form of being able to optimize 71 branches and reduce a corresponding headcount


when can you guys start shipping those? Is that what was driving the big backlog increase in the Middle East? Just curious to what you guys could say about that.

when can you guys start shipping those is that what was driving the big backlog increase in the middle east just curious to what you guys could say about that


by way of HRCT. And -- so we are very excited to see what that looks like compared to placebo. That's

by way of hrct and so we are very excited to see what that looks like compared to placebo


that we see at a couple of the competitors that have been acquired is there are resumes on The Street that continue to be a good flow of resumes from those companies.

that we see at a couple of the competitors that have been acquired is there are resumes on the street there continue to be a good flow of resumes from those companies


I think the biggest catalyst would be transactions for other network

i think the biggest catalyst would be transactions for other network dens


We ramped up the investment in Smart Grid technology on our distribution and transmission systems to more quickly detect outages and restore power.

we ramped up investment in smart grid technology on our distribution and transmission systems to more quickly detect outages and restore power


We believe we have appropriately adjusted our cost structure, given the expected sales levels going forward, but we may not see the full benefit until the second quarter.

we believe we have appropriately adjusted our cost structure given the expected sales levels going forward but we may not see the full benefit until the second quarter


is because we have a slightly lower exposure to that sector. We're not happy with the results, but certainly, we think we managed it about as well as you could.

is because we have a slightly lower exposure to that sector we're not happy with the results but certainly we think we managed it about as well as you could


I'd like to briefly discuss the key drivers by segment in the fourth quarter and provide some insights into our plans for 2016. Beginning with Aerospace.

i'd like to briefly discuss the key drivers by segment in the fourth quarter and provide some insights into our plans for 2016 beginning with aerospace


On the Games sales side, our E43 cabinet is gaining solid traction with our customers and helping to drive unit sales growth.

on the game sales side our e43 cabinet is gaining solid traction with our customers and helping to drive unit sales growth


such a compelling threat that we need to race to full deployment of click-and-collect across our entire network at the expense of

such a compelling threat that we need to race to full deployment of click and collect across our entire network at the expense of


top legal offices and we also go to class entities. We have to fight absurd increases. And so we have to demand more

top legal offices and we also go to class entities we have to fight absurd increases and so we have to demand more


and we remain very confident that this strength will continue in 2019 during our first full year of launch in these major markets and also as we enter new markets around the world.


and as we have also mentioned the past quarters, this is what they should focus on. We're also seeing good possibilities

and as we have also mentioned in the past quarters this is what they should focus on we're also seeing good possibilities


We did see a modest improvement in international retail flows, but that was offset by some institutional redemptions as well as improved U.S. fixed income flows.

we did see a modest improvement in international retail flows though that was offset by some institutional redemptions as well as improved u s fixed income flows


We've identified a number of areas where we will intensify the pivot toward subscription. As we assess the pace and impact of the conversion, we will refine and communicate

we've identified a number of areas where we will intensify the pivot towards subscription as we assess the pace and impact of the conversion we'll refine and communicate


mean, it's been more than 18 months that we've seen very, very favorable and even improving trends, I would say. And now what I think you have is a little more stagnating trends.

mean it's been more than 18 months that we've seen very very favorable and even improving trends i would say and now what i think you have is a little more stagnating trends


and most of those are in Southeast Texas, which is the sweet spot or the heartland of our natural gas facilities, including Houston, Corpus Christi and Beaumont.

and most of those are in southeast texas which is the sweet spot or the heartland of our natural gas facilities including houston corpus christi and beaumont


These agreements are fully enforceable and they provide us with positive downside protection through a downturn in the operating cycle.

these agreements are fully enforceable and they provide us with positive downside protection through a downturn in the operating cycle


Our capital investment plan is focused on strengthening our earnings base, and we will proceed steadily in small increments.

our capital investment plan is focused on strengthening our earnings base and we will proceed steadily in small increments


at any time that I've seen in the last 5 years. So on the ground money that you can get very attractive rates of return on

at any time that i've seen in the last 5 years so on the ground money that you can get very attractive rates of return on


So you are reactivating the ones that are in the highest quality, the best ready to go and as you reactivate further fleet -- further parts of the fleet, it will be the ones that are need a little bit more work, is that what you are saying?

so you're reactivating the ones that are the highest quality the best ready to go and as you reactivate further fleet -- further parts of the fleet it'll be the ones that need a little bit more work is that what you're saying


in faster-growth submarkets, where we have an opportunity to take advantage of the brand that we have and the commercial organization to be able to drive traction in those spaces.

in faster growth submarkets where we have an opportunity to take advantage of the brand that we have and the commercial organization to be able to drive traction in those spaces


Mike, in terms of the name, we'll make that decision toward the end of the year after the consolidation is completed.

mike in terms of the name we'll make that decision toward the end of the year after the consolidation is completed


Because our products are designed to meet the unique retirement savings needs of educators, we are somewhat insulated from broader sales trends in the annuity marketplace.

because our products are designed to meet the unique retirement savings needs of educators we are somewhat insulated from broader sales trends in the annuity marketplace


The underlying auto combined ratio for the quarter included about 1 point of current accident year reserve strengthening related to the elevated loss trends we've been discussing.

the underlying auto combined ratio for the quarter included about 1 point of current accident year reserve strengthening related to the elevated loss trends we've been discussing


future problems as a result of the liquid market and the amount of competitions out there. I think that's an important point that people don't pick up on, and I appreciate that question.

future problems as a result of the liquid market and the amount of competition that's out there i think that's an important point that people don't pick up on and i appreciate that question


We expect operating margins to expand in the first half, driven by pricing and volume gains, but the growth will be partially offset by higher soybean product costs

we expect operating margins to expand in the first half driven by pricing and volume gains but the growth will be partially offset by higher soybean product costs


which has adopted a comprehensive information technology governance policies and procedures. Additional details regarding our remediation plan can be found in our 10-Q.

which has adopted comprehensive information technology governance policies and procedures additional details regarding our remediation plan can be found in our 10-q


so that they activate and engage more often. Because that's fundamentally our problem, is that people aren't responding to the more traditional media that we have at the same rate they used to.

so that they activate and engage more often because that's fundamentally our problem is that people aren't responding to the more traditional media that we have at the same rate they used to


and so we want to be poised if something appears to us to be an opportunity. Yes. I think it's also, as Kevin mentioned in his comment, the uncertainty of the environment

and so we want to be poised if something appears to us to be an opportunity yes i think it's also as kevin mentioned in his comments the uncertainty of the environment


So you've been fairly acquisitive in the past. Could you just speak to what you're seeing in your acquisition pipeline and how you view the acquisition landscape as a whole?

so you've been fairly acquisitive in the past could you just speak to what you're seeing in your acquisition pipeline and how you view the acquisition landscape as a whole


after rounds 1 and 2, we have been able to make some changes in our supply chain motion and think there is minimal risk from a financial perspective.

after rounds 1 and 2 we have been able to make some changes in our supply chain motion and think there is minimal risk from a financial perspective


And just as a quick follow-up, wonder if we could get maybe a little bit of color commentary on your progress around hyperconverged infrastructure. Sure.

great and just as a quick follow-up i wonder if we could get maybe a little bit of color commentary on your progress around hyperconverged infrastructure


dollar to euro against the local currencies is a big factor because all of the active equipment is being imported. So strong rand, weak rand, makes a big difference.

dollar euro against the local currencies is a big factor because all of the active equipment is being imported so strong rand weak rand makes a big difference


Based on our current plans, we expect our cash and cash equivalents to be sufficient to fund our operations at least through the full data read out from our NEWTON-2 study.

based on our current plans we expect our cash and cash equivalents to be sufficient to fund our operations at least through the full data readout from our newton ii study


the number of stores per capita that we have in areas. We look at the demographics in those areas, and we're using technology to help us inform us where to go build these stores.

the number of stores per capita that we have in areas we look at the demographics in those areas and we're using technology to help us inform us where to go build these stores


accommodate some of the new business that we have coming, but those jobs are typically at a little bit higher margin than our other books of business. So

to accommodate some of the new business that we have coming but those jobs are typically at a little bit higher margin than our other books of business so


In China, where our investment from Bison and business partnerships are allowing us to operate in an advantage business situation versus our competitors,

in china where our investment from bison and business partnerships are allowing us to operate in an advantaged business situation versus our competitors


requires less upfront and ongoing investment in content than the subscription VOD business and continues to utilize our existing library of content.

requires less upfront and ongoing investment in content than the subscription vod business and continues to utilize our existing library of content


In terms of project size, we are now starting to see planning for projects of increased scope and scale that we have not seen since the decline of our market several years ago.

in terms of project size we are now starting to see planning for projects of increased scope and scale that we have not seen since the decline of our markets several years ago


that business has gotten smaller because the parameters by which we evaluate it have led to some private label business that didn't meet that criteria.


and interest from investors and also more importantly from the industry, both biotech and biopharma, from our progress to date.

and interest from investors and also more importantly from the industry both biotech and biopharma from our progress to date


For the risks we are taking, and the capital we are required to hold, these premiums will drive our targeted midteens returns over time.

for the risk we are taking and the capital we are required to hold these premiums will drive our targeted mid-teens returns over time


In the longer-term, we believe the underlying business demographics are positive for the future, and believe we are well-positioned to take advantage of an economic recovery

in the longer term we believe the underlying business demographics are positive for the future and believe we are well positioned to take advantage of an economic recovery


Importantly, we have a proven track record of both reinvesting and returning capital to shareholders. And we expect to continue this

importantly we have a proven track record of both reinvesting and returning capital to shareholders and we expect to continue this


We still anticipate submitting regulatory filings in the second quarter of 2019, at which point we will be able to fully discuss the program and strategy.

we still anticipate submitting regulatory filings in the second quarter of 2019 at which point we will be able to fully discuss the program and strategy


in line with our long-term planning rates in the third quarter for our specialty polymer business. We view that as a very positive outlook for the business. Particularly, when we also generated volume growth in the quarter.

in line with our long-term planning rates in the third quarter for our specialty polymer business we view that as a very positive outlook for the business particularly when we also generated volume growth in the quarter


From our standpoint, our business remains very much intact, and we continue to drive our growth through the innovation and differentiating that has got us to this point already.

from our standpoint our business remains very much intact and we continue to drive our growth through the innovation and differentiation that has got us to this point already


so there will be products and services around these 3 areas and they will be driven by technology and innovation.


like Jeff's question just about the opportunities to acquire any assets for our business, we kind of scour the market for

like jeff's question just about the opportunities to acquire any assets for our business we kind of scour the market for


right at this moment, you're talking to the guy who has to go to those places and my feelings is, I rather

right at this moment you're talking to the guy who has to go to those places and my feelings is i rather


He already knows all our customers very well, so we really just need to change the logo on his shirt and he'll be out there, strengthening our relationships with our OEM customers.

he already knows all our customers very well so we really just need to change the logo on his shirt and he'll be out there strengthening our relationships with our oem customers


Second, with the requisite technology in place, we can drive smart process integration in areas such as the front-end patient and physician experience I discussed earlier.

second with the requisite technology in place we can drive smart process integration in areas such as the front-end patient and physician experience i discussed earlier


We are living the fact that we are continuing to play an increasingly more important role for all these clients, both large and small, and

we are living the fact that we are continuing to play an increasingly more important role for all these clients both large and small and


Ultimately, when you use it as an enabler, then you got to focus on stepping up the value from it. And hopefully, that gives the context. So it's a pretty broad-based answer. But I think it's

ultimately when you use it as an enabler then you've got to focus on stepping up the value from it and hopefully that gives the context so it's a pretty broad-based answer but i think it's


It had nothing to do with this transaction at all because this had started -- discussions that had started earlier -- in the earlier part of the year.

it had nothing to do with this transaction at all because this had started -- discussions had started earlier in the earlier part of the year


When there are delays like this, costs continue to escalate while pressure to recover the schedule increases and typical work processes get modified.

when there are delays like this costs continue to escalate while pressure to recover the schedule increases and typical work processes get modified


Based on our strong sales performance to date and assuming a continuation of today's housing market conditions for the remainder of the year, we offer the following guidance.

based on our strong sales performance to date and assuming a continuation of today's housing market conditions for the remainder of the year we offer the following guidance


an interesting comment and I don't think something we've seen in the past in the Canada marketplace. So maybe can you elaborate just a little bit on how

an interesting comment and i don't think something we've seen in the past in the canadian marketplace so maybe can you elaborate just a little bit on how


our ability to deliver outstanding service to our customers, our ability to expand our customer relationships, the spending environment and our long-term prospects for success.

our ability to deliver outstanding service to our customers our ability to expand our customer relationships the spending environment and our long-term prospects for success


In addition, I want to highlight the fact that our promotional weight was broadly stable even in a more difficult market environment, notably in France.

in addition i want to highlight the fact that our promotional weight was broadly stable even in a more difficult market environment notably in france


You'll hear more from BJ as we talk about expenses, but expense control and creating operating leverage is still going to be a primary focus of what we're doing

you'll hear more from bj as we talk about expenses but expense control and creating operating leverage is still going to be a primary focus of what we're doing


But that dynamic market is leading to a lot of activity, and we like how we're positioned, both with the domain knowledge of running the managed services and then when you put the

but that dynamic market is leading to a lot of activity and we like how we're positioned both with the domain knowledge of running the managed services and then when you put the


The couple of accounts that we decided to write down at this point were in the specific reserve for the most part. And I just don't see an increased trend there.

the couple of accounts that we decided to write down at this point were in the specific reserve for the most part and i just don't see an increased trend there


On June 19, we amended and extended our revolving credit facility for an additional 5 years under substantially the same terms as our previous agreement.

on june 19 we amended and extended our revolving credit facility for an additional 5 years under substantially the same terms as our previous agreement


A telephone replay of today's broadcast will be available following the conclusion of the call until Thursday, November 3. The replay information is contained in the company's earnings release.

a telephone replay of today's broadcast will be available following the conclusion of the call until thursday november 3 the replay information is contained in the company's earnings release


Ken will now review the outlook for the fourth quarter, and then we'll take your questions. We expect overall sales to be comparable with the fourth quarter of last fiscal year.

ken will now review the outlook for the fourth quarter and then we'll take your questions we expect overall sales to be comparable with the fourth quarter of last fiscal year


worth pointing out for the last quarter was that we had a little less prepayments from customers, that's why we have here other changes in working capital,

worth pointing out for the last quarter was that we had a little less prepayments from customers that's why we have here other changes in working capital


We now believe Aerospace sales will be up approximately 12% and Industrial sales will be down approximately 7%, both as compared to the prior year.

we now believe aerospace sales will be up approximately 12% and industrial sales will be down approximately 7% both as compared to the prior year


We look forward to bring our positive growth story to a broader audience, and we'll be active in the second half of the year attending and presenting at multiple conferences.

we look forward to bring our positive growth story to a broader audience and we'll be active in the second half of the year attending and presenting at multiple conferences


is that what we focus on is the value and the net price and volume growth over time. And as we've said before, the price can fluctuate year to year, quarter to quarter.

is that what we focus on is the value and the net price and volume growth over time and as we've said before the price can fluctuate year-to-year quarter-to-quarter


Many of the customers requiring material handling services from our logistics group are the same customers who utilize our aircraft leasing and air operating capabilities.

many of the customers requiring material handling services from our logistics group are the same customers who utilize our aircraft leasing and air operating capabilities


do you see the current slate of announced projects currently as adequate to address sort of the growth you guys expect longer term?

do you see the current slate of announced projects currently is adequate to address sort of the growth you guys expect longer term


and an area of opportunity for us. But all in all, between the existing customers growing nicely, as well as the new partners we're signing up, and we expect to have a couple more signed up

and an area of opportunity for us but all in all between the existing customers growing nicely as well as the new partners we're signing up and we expect to have a couple more signed up


So we will continue to have a high focus on a stable pricing environment in this segment in the quarters to come.

so we will continue to have a high focus on a stable pricing environment in this segment in the quarters to come


and limited storm activity, we still have a long way to go to meet the reliability commitments we've made, but we are working hard to provide the service our customers deserve.

in limited storm activity we still have a long way to go to meet the reliability commitments we made but we are working hard to provide the service our customers deserve


So we probably are seeing to bring it down to this year. We've seen kind of the turn and starts and turn in large public transportation demand

so we've probably seen to bring it down to this year we've seen kind of the turn that starts and turn in large public transportation demand


we're seeing a little bit of a decline not market related but more project related. And we have a few customers that are growing at a great rate.

we're seeing a little bit of a decline not market related but more project related and we have a few customers that are growing at a great rate


loan balances declined modestly compared to the first quarter as originations were lower than expected and prepayments accelerated.


And so the way we're thinking about is, who's going to be the marginal investor away from the Fed. And where do those spreads eventually settle out

and so the way we're thinking about it is who's going to be the marginal investor away from the fed and where do those spreads eventually settle out


you kind of talked about loyalty program disclosures and how you guys wanted to communicate the value that you get from selling miles with Chase. Could you just provide us with an update as to

kind of talked about loyalty program disclosures and how you guys wanted to communicate the value that you get from selling miles to chase could you just provide us with an update as to


As we intended, we have offset much of this cost through negotiation and productivity and have raised prices to recover the unavoidable increases in cost.

as we intended we have offset much of this cost through negotiation and productivity and have raised prices to recover the unavoidable increases in cost


organic growth for the quarter. And I guess I'm just wondering what kind of visibility you have to have or what gives you confidence that you can pick back up to kind of get there

organic growth for the quarter and i guess i'm just wondering what kind of visibility you have at that or what gives you confidence that you can pick back up to kind of get there


We -- I would say our conversations have become more encouraging the last couple of weeks at least with some providers and some networks.

we -- i would say our conversations have become more encouraging the last couple of weeks at least with some providers and some networks


of provide a little bit more stability to the top line in case you would lose a customer here or a customer there. It's just more smaller customers as compared to larger multinational customers

provide a little bit more stability to the top line in case you would lose a customer here or a customer there it's just more smaller customers as compared to larger multinational customers


We have measures increasing the productivity of our front office and also increasing the synergies and investment into scale in other parts of the group,

we have measures increasing the productivity of our front office and also increasing the synergies and investment into scale in other parts of the group


Now that we are operating as one cohesive company, we are ready to invest in our brand, elevating the awareness of who we are and how we help our customers every day.

now that we are operating as one cohesive company we are ready to invest in our brand elevating the awareness of who we are and how we help our customers every day


strengthen our underlying business engines, they get really excited and they want to be a part of that journey. And I see them as an

strength in our underlying business engines they get really excited and they want to be a part of that journey and i see them as


Now turning to new product development. To be absolutely clear, we are increasing our emphasis on new product development efforts to drive organic growth.

now turning to new product development to be absolutely clear we are increasing our emphasis on new product development efforts to drive organic growth


Growing aluminum -- growing automotive and industrial demand and continued improvement in manufacturing cost efficiency provided some benefit, cushioning the margin squeeze.

growing aluminum -- growing automotive and industrial demand and continued improvement in manufacturing cost efficiency provided some benefit cushioning the margin squeeze


The comprehensive loss and decline in book value on the quarter were primarily attributable to the underperformance of our interest rate swaps relative to assets

the comprehensive loss and decline in book value on the quarter were primarily attributable to the underperformance of our interest rate swaps relative to assets


due to new product introductions and anticipated upgrades and enhancements in our other product lines, as well as increased placements and promotions in our core small kitchen appliance business

due to new product introductions and anticipated upgrades or enhancements in our other product lines as well as increased placements and promotions in our core small kitchen appliance business


fairly soft revenue, either flat or down, as well as for the manufacturers that produce the satellites for the operators who,

fairly soft revenue either flat or down as well as for the manufacturers that produce the satellites for the operators who


our company as well as a lot of the services that -- and processes that we've developed, they lend themselves very well to other educational institutions. And so

our company as well as a lot of the services that -- and processes that we've developed they lend themselves very well to other educational institutions and so


These improvements were partially offset by increases in the amount and timing of payments of our accounts payable, accrued salaries, self-insurance claims and income taxes.

these improvements were partially offset by increases in the amount and timing of payments of our accounts payable accrued salaries self-insurance claims and income taxes


Our health care growth was largely driven by a paraprofessional's contract with both the New York City Board of Education and the Hawaii Department of Education.

our health care growth was largely driven by our prior professionals contract with both the new york city board of education and the hawaii department of education


and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission, including the quarterly report on Form 10-Q and the annual report on Form 10-K.

and other risks detailed from time to time in the company's filings with the securities and exchange commission including the quarterly report on form 10-q and the annual report on form 10-k


We note that the final bonus amounts will be determined at the end of the year and could change materially from what was accrued this quarter.

we note that the final bonus amounts will be determined at the end of the year and could change materially from what was accrued this quarter


With a robust pipeline and increased capacity in which to fund the acquisitions, we anticipate our transaction activity will provide upside to our guidance.

with a robust pipeline and increased capacity in which to fund acquisitions we anticipate our transaction activity will provide upside to our guidance


it's simply not been possible for us to say what the organic developments have been. What we can say though is that we have a very, very clear

it's simply not been possible for us to say what the organic developments have been what we can say though is that we have a very very clear


that are subject to change and involve a number of risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements.


the valuation of any investments in portfolio companies, particularly those having no liquid trading market and our ability to recover unrealized losses.

the valuation of any investments in portfolio companies particularly those having no liquid trading market and our ability to recover unrealized losses


We are excited about how our vision of where we see the future banking model evolving, and how we are planning to transition toward that universal digital banking model over the next several years.

we are excited about how our vision of where we see the future banking model evolving and how we are planning to transition toward that universal digital banking model over the next several years


I didn't see anything mentioned on that in the 10-K that you filed this morning. So could you just update me on what happened with that?

i didn't see anything mentioned on that in the 10-k that you filed this morning so could you just update me on what happened with that


In addition, the contributions of new products are also difficult to estimate, and we don't expect much since it is their first year.

in addition the contributions of new products are also difficult to estimate and we don't expect much since it is their first year


were solid performance from our alternatives, the hedge fund investments as well as PE structured funds and our internal special situations portfolio.

were solid performances from our alternatives the hedge fund investments as well as pe structured funds and our internal special situations portfolio


While our revenue hedging program continues to contribute to the top line, it's expected to have a negative impact in each quarter this year on a year-over-year basis.

while our revenue hedging program continues to contribute to the top line it's expected to have a negative impact in each quarter this year on a year-over-year basis


So I would say that you're right in terms of the reason why it might have been a little bit higher in the quarter. Not concerning to us overall. I would say that

so i would say that you're right in terms of the reason why it might have been a little bit higher in the quarter not concerning to us overall i would say that


The good thing about this is it's a multi-company collaboration that's sponsored by the NCI, where a number of different companies have agreed

the good thing about this is it's a multi-company collaboration that's sponsored by the nci where a number of different companies have agreed


with the increase in commodities at the same time? So would just love to get sort of your overall view on where you think things are going to go from here on that front.

with the increase in commodities at the same time so we'd just love to get sort of your overall view on where you think things are going to go from here on that front


you will find more opportunities in buckets where you have increased spending over time, and trade spend certainly falls into that category. So I would expect

you will find more opportunities in buckets where you have increased spending over time and trade spend certainly falls into that category so i would expect


And equally importantly, I think we're feeling very good about the innovation we launched in '17. That should carry over to fiscal '18. So that's one piece of the assumption. The second assumption is around pricing.

and equally importantly i think we're feeling very good about the innovation we launched in '17 that should carry over to fiscal '18 so that's one piece of the assumption the second assumption is around pricing


This trend is already very visible in the success of small disruptive brands that address specific target groups, specific demand

this trend is already very visible in the success of small disruptive brands that address specific target groups specific demands


and now you're going to -- and you collected a certain portion of that. You'll be now -- fixed rate per procedure will be a smaller amount. Can you give an indication on

and now you're going to -- and you collected a certain portion of that you'll be now the fixed rate per procedure will be a smaller amount can you give an indication on


We do not anticipate an improvement in end markets until there is clarity on the outcome of the November election. However, we are encouraged by increased quoting from mining equipment.

we do not anticipate an improvement in end markets until there is clarity on the outcome of the november election however we are encouraged by increased quoting for mining equipment


Are you now in position to update the market on what your thoughts are for a sustainable throughput rate there? And what are you expecting next year in that regard?

are you now in position to update the market on what your thoughts are for a sustainable throughput rate there and what are you expecting next year in that regard


We have several of the largest life insurers using it and getting the results that they came for and they're telling us exactly how to enhance the product, so they increased their usage.

we have several of the largest life insurers using it and getting the results that they came for and they're telling us exactly how to enhance the product so that they increase their usage


Revenue was essentially flat, which was better than our internal expectations. Project revenue was up slightly due to the accelerated timing of certain projects.

revenue was essentially flat which was better than our internal expectations project revenue was up slightly due to the accelerated timing of certain projects


are really owned essentially by a few providers at very, very low fee rates. Instead, we tried to add products to our platforms

are really owned essentially by a few providers at very very low fee rates instead we tried to add products to our platforms


can make a social impact and create a social movement to help communities become healthier. Our first campaign will coincide with our summer of impact launch.

can make a social impact and create a social movement to help communities become healthier our first campaign will coincide with our summer of impact launch


of content we develop and integrate as well as partnerships. So that's how we're approaching it, and that's what we're in development on right now.

of content we develop and integrate as well as partnerships so that's how we're approaching it and that's what we're in development on right now


To give you some perspective on how our expanded sales transaction database is being leveraged into additional revenue, let me give you some concrete examples.

to give you some perspective on how our expanded sales transaction database is being leveraged into additional revenue let me give you some concrete examples


Is that the right way to think about it and this is more of a kind of a flowback disposal system or how are you guys looking at this system over time? I'll let Bill kind of field that one.

is that the right way to think about it and this is more of a kind of a flowback disposal system or how are you guys looking at this system over time i'll let bill kind of field that one


In between the 2 is what looked a little odd, and -- hey, all the more power to you. It looks great that you're picking up that additional business. I was just curious if

in between the two is what looked a little odd and hey all the more power to you it looks great that you're picking up that additional business i was just curious if


These subjects -- these statements are subject to known and unknown risks and uncertainties, which may cause our actual results, performance or achievements

these statements are subject to known and unknown risks and uncertainties which may cause our actual results performance or achievements


for 2016 as to where we are in our guidance range. But we're less focused on where we are in the guidance range this year and more what are we putting in place

for 2016 as to where we are in our guidance range but we're less focused on where we are in the guidance range this year and more what are we putting in place


take rate as well? I think you've given some color about that in the past. And then related to that, the acceleration in broadband net add sounds as though it was related to

take rates as well i think you've given some color about that in the past and then related to that the acceleration in broadband net add it sounds as though it was related to


of a business that meets that definition? And frankly, would it be possible for a NAND flash business to qualify as a franchise under your definition?

of a business that meets that definition and frankly would it be possible for a nand flash business to qualify as a franchise under your definition


additional expenses were incurred prior to the gross profit line based exclusively on the kinds of projects that they were working on.


didn't progress as anticipated. So we'll look at things like severity of disease, age of the patients at the time of onset of their disease, the extent of their neurological

didn't progress as anticipated so we will look at things like severity of disease age of the patients time of onset of their disease the extent of their neurological


And what we're also seeing is that we are maintaining the advantage that we seem to have in terms of safety and convenience.

and what we're also seeing is that we are maintaining the advantage that we seem to have in terms of safety and convenience


end of the year for that. And at some point, we're going to have customers come in and start their qualification process in parallel with us.

end of the year for that and at some point we're going to have customers come in and start their qualification process in parallel with us


What kind of activity levels are you seeing through those partners at this point? Are they sourcing the leads and getting deals closed? Or is it still on the -- in the onboarding process?

what kind of activity levels are you seeing through those partners at this point are they sourcing leads and getting deals closed or is it still in the onboarding process


And I would also like to mention that there was an increase in the tax burden from 40% to 45% on this operating profit. And

and i would also like to mention that there was an increase in the tax burden from 40% to 45% on this operating profit and


And as you've come to expect from us, we will continue to manage the business tightly. So I'll now hand you over to Robert to do the numbers.

and as you've come to expect from us we will continue to manage the business tightly so now hand over to robert to do the numbers


And don't just think of Stationery in terms of our stores, as investment in our post-office partnership and our digital channels,

and don't just think of stationery in terms of our stores as investment in our post office partnership and our digital channels


Maybe following on to that. You've seen accelerating volume declines in International, and I think that you've done a good job of explaining that

maybe following on to that you've seen accelerating volume declines in international and i think that you've done a good job of explaining that


which will always provide us with the greatest risk-weighted returns if we can appropriately leverage our installed base of equipment, existing manufacturing capacity, global distribution infrastructure,

which will always provide us with the greatest risk-weighted returns if we can appropriately leverage our installed base of equipment existing manufacturing capacity global distribution infrastructure


has a very solid approach where everybody is focused on the customer and driving conversions in the store.

has a very solid approach where everybody's focus on the customer and driving conversions in the store


Conversely, they can help us on the recruiting front. They have the largest pool of candidates in the world, particularly white collar workers.

conversely they can help us on the recruiting front they have the largest pool of candidates in the world particularly white-collar workers


not always in an easy environment. And you will also remember some of my comments earlier throughout last year relating to a very promotional season

not always in an easy environment and you will also remember some of my comments earlier throughout last year relating to a very promotional season


And some of our centers are designed to create dedicated educational and community partnerships to speed the development of talent that's specific to our client needs.

and some of our centers are designed to create dedicated educational and community partnerships to speed the development of talent that's specific to our client needs


Next, I will provide some details on the more significant projects that contributed to our fourth quarter results, beginning with the Civil segment.

next i will provide some details on the more significant projects that contributed to our fourth quarter results beginning with the civil segment


And we expect that margin to increase as, frankly, we raise our margins given the lack of competition.

and we expect that margin to increase as frankly we raise our margins given the lack of competition


We made significant progress towards achieving these 2 goals with the recent acquisition of JCR Capital and the hiring of a fantastic team of investment sales professionals

we made significant progress towards achieving these 2 goals with the recent acquisition of jcr capital and the hiring of a fantastic team of investment sales professionals


on supplemental retirement savings and have seen significant interest from school districts to address one of their largest recruitment issues that they are facing.


This level of development and testing is expected to continue through the next fiscal year as we complete the transition of the core product lines to the new standards.

this level of development and testing is expected to continue through the next fiscal year as we complete the transition of the core product lines to the new standards


We're already starting to see the evidence of how this next stage in our change journey will ensure we stay ahead in this fast-moving world,

we're already starting to see the evidence of how this next stage in our change journey will ensure we stay ahead in this fast-moving world


it's a joint venture, but we capture the bottling revenue. So we capture a large portion of the revenue of both coffee and tea,

it's a joint venture but we capture the bottling revenue so we capture a large portion of the revenue of both coffee and tea


and prior-period ratios are very favorable as compared to industry averages and improved as compared to our NPA levels over the last several years.

and prior period ratios are very favorable as compared to industry averages and improved as compared to our npa levels over the last several years


So I do expect we'll see some rather stable or higher cap software amounts this year and going into next, I do think that will flatten out

so i do expect we'll see some rather stable or higher cap software amounts this year and going into next because i do think that will flatten out


providing greater access to health care, and ensuring a modern set of rules that better align with the Marketplace and Medicare Advantage plans.

providing greater access to health care and ensuring a modern set of rules that better align with the marketplace and medicare advantage plans


and so made the first move as it were to increase the prices. But it was not matched by the competition.

and so made the first move as it were to increase the prices but it was not matched by the competition


for adidas on our Commerce Cloud. But of course, that's not the only cloud that adidas is using with us because they need to be able to provide many different types of services

for adidas on our commerce cloud but of course that's not the only cloud that adidas is using with us because they need to be able to provide many different types of services


In addition to accelerating growth at higher margins, our product sales continued to diversify across a growing set of customers in the second quarter.

in addition to accelerating growth at higher margins our product sales continued to diversify across a growing set of customers in the second quarter


I'll now provide some additional details on our out-of-state contract with California as our expectations from this contract have changed from last quarter's update.

i'll now provide some additional details on our out-of-state contract with california as our expectations from this contract have changed from last quarter's update


Thank you, Larry. I will address our segment financial performance in more detail. As mentioned previously, my comments will be primarily directed to non-GAAP results.

thank you larry i will address our segment financial performance in more detail as mentioned previously my comments will be primarily directed to non-gaap results


but -- and we're real excited about that. We're working through the final phase, so I don't have the exact definition of that, but this is going to impact all levels of the organization.

but -- and we're real excited about that we're working through the final phases so i don't have the exact definition of that but this is going to impact all levels of the organization


So I know that we're focused on the right areas. We just need to embed them swiftly and effectively through every part of our organization. This is the most challenging part

so i know that we're focused on the right areas we just need to embed them swiftly and effectively through every part of our organization this is the most challenging part


and challenging group business patterns, including reduced convention activity in several of our major markets like Chicago.

and challenging group business patterns including reduced convention activity in several of our major markets like chicago


As we continue to prudently manage both risk and expenses, we expect to deliver solid earnings growth for many years to come.

as we continue to prudently manage both risk and expenses we expect to deliver solid earnings growth for many years to come


followed by comments about our fourth quarter investment activity and the performance of our investment portfolio, and then offer views about 2018. And then

followed by comments about our fourth quarter investment activity and the performance of our investment portfolio and then offer views about 2018 we


What makes this even more noteworthy is that it has happened during -- despite the economic turmoil in Europe, along with recent terrorism and the refugee crisis.

what makes this even more noteworthy is that it has happened during -- despite the economic turmoil in europe along with recent terrorism and the refugee crisis


short-term fluctuations are very difficult to anticipate in the capital markets. Well -- so we are going to dig deeper into the operations and our assets.

short-term fluctuations are very difficult to anticipate in the capital markets well -- so we are going to dig deeper into the operations and our assets


As a result of the amendments, these contracts as well as all other current GSE risk share transactions are now accounted for as insurance contracts.

as a result of the amendments these contracts as well as all other current gse risk share transactions are now accounted for as insurance contracts


So I think individual claim payments can have more of an impact, but -- so I think it's difficult to draw a conclusion. We would expect severity on average to be higher

so i think individual claim payments can have more of an impact but -- so i think it's difficult to draw a conclusion we would expect severity on average to be higher


This especially affects the many smaller and independent labs as well as medical center units, especially at a time when reimbursements are steadily declining.

this especially affects the many smaller independent labs as well as medical center units especially at a time when reimbursements are steadily declining


Regarding warehousing cost, we are experiencing gradual efficiency improvements and the warehouse is largely stabilized as an expanded local workforce is hired.

regarding warehousing costs we are experiencing gradual efficiency improvements and the warehouse is largely stabilized as an expanded local workforce was hired


And we were -- we got the Presidents, the financial people and the sales and marketing folks together and really did a pressure test of

and in -- we were -- we got the presidents the financial people and the sales and marketing folks together and really did a pressure test of


Our teams have created several enterprise-wide resources to share sourcing data, analyze our spend levels and track our achievements and our progress going forward.

our teams have created several enterprise-wide resources to share sourcing data analyze our spend levels and track our achievements and our progress going forward


In sum, we're pleased with our overall financial performance in 2015 as well as with the excellent progress we made in the transformation.

in sum we're pleased with our overall financial performance in 2015 as well as with the excellent progress we made in the transformation


And we want to be there and be a good, reliable provider to them and grow with them. So I would say it's really nothing more than

and we want to be there and be a good reliable provider to them and grow with them so i would say it's really nothing more than


So again, we'll be sharing more detail around the studies at future business updates. I think it's fair to say though that we've got real clarity from the agency.

so again we'll be sharing more detail around the studies at future business updates i think it's fair to say though that we've got real clarity from the agency


So that's part of the plan as well, and that's been very, very well received. And the cryogenic plant at Pilsworth should be coming online towards the end of this year.

so that's part of the plan as well and that's been very very well received and the cryogenic plant at pillsworth should be coming online towards the end of this year


At the same time, we will continue to invest in growth across the group in a manner that's consistent with our risk appetite.

at the same time we'll continue to invest in growth across the group in a manner that's consistent with our risk appetite


That commitment is evident in our pipeline of small molecule product candidates that target oncogenes and cancer signaling pathways. In addition, we seek to identify

that commitment is evident in our pipeline of small molecule product candidates that target oncogenes and cancer signaling pathways in addition we seek to identify


the growth on an international basis, the product design capabilities and brandings that the Helly team has done now has been adjusted by market.

the growth on an international basis the product design capabilities and brandings that the kelly team has done now has been adjusted by market


Thank you, operator. Good morning, everyone, and welcome to the Waters Corporation Fourth Quarter Earnings Conference Call. Before we begin, I will cover the cautionary language.

thank you operator good morning everyone and welcome to the waters corporation fourth quarter earnings conference call before we begin i will cover the cautionary language


I think it was generally consistent. We were very pleased to get some of those leases done and cross the finish line. But I would say, it was generally consistent with our expectations. So I think we're

i think it was generally consistent we were very pleased to get some of those leases done and across the finish line but i would say it was generally consistent with our expectations so i think we're


Our forward-looking statements are applicable only as of the date of this presentation. For a list of factors which could affect our future results, including our earnings estimates,

our forward-looking statements are applicable only as of the date of this presentation for a list of factors which could affect our future results including our earnings estimates


and we got everybody under one facility in Toronto now and they're realigning the organization. And so there's some -- there's definitely some

and we got everybody under one facility in toronto now and they're realigning the organization and so there's some -- there's definitely some


Interest expense declined from a full quarter benefit of the third quarter reductions in Federal Home Loan Bank advances and the subordinated capital notes.

interest expense declined from a full quarter benefit of the third quarter reductions in federal home loan bank advances and the subordinated capital notes


We believe that we are taking appropriate preventative measures to deliver to our customers the quality experience we promised by deploying various directive action.

we believe that we are taking appropriate preventative measures to deliver to our customers the quality experience we promised by deploying various corrective actions


as continued strong free cash flow was partially offset by the execution of the share buyback program and the closing of the Casamigos acquisition.

as continued strong free cash flow was partially offset by the execution of the share buyback program and the closing of the casa amigos acquisition


Finally, let me touch on our efforts to improve the Groupon customer experience. We added this as one of our strategic priorities in 2016 because it is a massive opportunity area,

finally let me touch on our efforts to improve the groupon customer experience we added this as one of our strategic priorities in 2016 because it is a massive opportunity area


One important thing, which I've talked about before to bear in mind is that even though we have higher fixed costs we have not increased our manning. We keep our fixed manning on a

one important thing which i talked about before to bear in mind is that even though we have higher fixed costs we have not increased our manning we keep our fixed manning on the


Just as a reminder, installation sales are slightly dilutive to the margin percentage but bring incremental dollars to revenue and cash flow while expanding our potential customer market.

just as a reminder installation sales are slightly diluted to the margin percentage but bring incremental dollars to revenue and cash flow while expanding our potential customer market


during the last week of June where we experienced large mismatch between payments and collections. This temporary imbalance largely corrected itself in the first week of July.

during the last week of june where we experienced a large temporary mismatch between payments and collections this temporary imbalance largely corrected itself the first week of july


while charting a new path forward to drive long-term sustainable growth and improve its competitive position in the less differentiated segments of the market.


best we can in terms of picking the timing and the opportunity. But we see a fair amount of capital or excess capital generation,

as best we can in terms of picking the timing and the opportunities but we see a fair amount of capital or excess capital generation


is going to come from organic growth with existing clients that we have, not necessarily changes or tweaks to the Affordable Care Act. And so

is going to come from organic growth with existing clients that we have not necessarily changes or tweaks to the affordable care act and so


Sure. So we hear a variety of reasons. The most common when we actually survey customers leaving us is no need, but we certainly know that no need is a

sure so we hear a variety of reasons the most common when we actually survey customers leaving us is no need but we certainly know that no need is


Okay, and it sounds like most of what you're doing is with LendSure. Are you working to develop additional sourcing as well?

okay and it sounds like most of what you're doing is with lindsay are you working to develop additional sourcing as well


So it's been a variety of niches like that, where we've been able to get our volume, but get it at sort of the lower LTVs, the better credit qualities that we like.

so it's been a variety of niches like that where we've been able to get our volume but get it at sort of the lower ltvs the better credit qualities that we like


Given our current cash balance, ongoing cash flow from operations and total borrowing capacity, we remain well positioned to meet the financing needs of the business moving forward.

given our current cash balance ongoing cash flow from operations and total borrowing capacity we remain well positioned to meet the financing needs of the business moving forward


with landlords taking back space with some of your larger store? And how many of those you did last year? And what's the hope is for next year? And then my second question is, you guys mentioned

with landlords taking back space in some of your larger stores and how many of those you did last year and what the hope is for next year and then my second question is you guys mentioned


We also worked for the buyers early on to ensure that we had the right level of products so we could be, obviously, have the right presentations in stores. So we're

we also worked with the buyers early on to ensure that we had the right level of product so we could be -- obviously have the right presentations in stores so we're


any time you do that, it's very disruptive in your supply chain. You're basically swapping out all of your SKUs. We thought that was important to do before the key fall season. We got that done in the quarter.

any time you do that it's very disruptive in your supply chain you're basically swapping out all of your skus we thought that was important to do before the key fall season we got that done in the quarter


and capital efficiencies. And we are confident in the resiliency of our business model, which will support our EBITDA and strong free cash flow conversion going forward.

and capital efficiencies and we are confident in the resiliency of our business model which will support our ebitda and strong free cash flow conversion going forward


Investors should not assume that statements made during the call will remain operative at a later time, and the company undertakes no obligation to update any information discussed on the call.

investors should not assume that statements made during the call will remain operative at a later time and the company undertakes no obligation to update any information discussed on the call


We would expect more moderate price growth this year after a very strong price growth in 2017. And in Queensland, we're seeing continual improvement

we would expect more moderate price growth this year after a very strong price growth in 2017 and in queensland we're seeing a continual improvement


One area of innovation that we continue to experience increasing market demand is for our school and college safety systems.

one area of innovation that we continue to experience increasing market demand is for our school and college safety system


to have it compete in our portfolio to move into manufacturing mode is definitely there. And so really, what we're doing right now is just

to have it compete in our portfolio to move into manufacturing mode is definitely there and so really what we're doing right now is just


The majority of the impact of such transactions is already recognized in our provisions. Let's move on to the other Latin American economies.

the majority of the impact of such transactions is already recognized in our provisions let's move on to the other latin american economies


In our case, we're very fortunate because we focus our attention on the downstream and the integrated side of the business

in our case we're very fortunate because we focus our attention on the downstream and the integrated side of the business


Demand for evaluation services before deliveries is also growing, and it will be growing in future as well.

demand for evaluation services before deliveries is also growing and it will be growing in future as well


Lower fuel cost and the absence of last year's negative nonrecurring expenses were among the main reasons for the positive development.

lower fuel costs and the absence of last year's negative nonrecurring expenses were among the main reasons for the positive development


Cold material dispensing equipment for automotive and industrial applications and powder coating equipment for consumer durable end markets drove this growth.

cold material dispensing equipment for automotive and industrial applications and powder coating equipment for consumer durable end markets drove this growth


we also have new hirings because of all the new initiatives. Therefore, our team increased.

we also have new hirings because of all of the new initiatives therefore our team increased


investors are looking for other ways of positioning themselves along the Black Sea in order to have these export facilities. So

investors are looking for other ways of positioning themselves along the black sea in order to have these export facilities so


which is what drive our business model. Based on conversations with our customers, we believe that rates and volumes will be there in 2016. Third,

which is what drive our business model based on conversations with our customers we believe that rates and volumes will be there in 2016 third


And my last one is on your energy cost. I was just wondering how and when you usually negotiate the

and my last one is on your energy cost i was just wondering how and when you usually negotiate the


This is our highest reported earnings quarter since the beginning of 2014. We benefited from our rapidly growing inventory of balance sheet loans,

this is our highest reported earnings quarter since the beginning of 2014 we benefited from our rapidly growing inventory of balance sheet loans


just having to do more with age or is there something a lot more -- takes a lot more investigation to try to find the ideal patients here?

just having to do more with age or is there something a lot more -- it takes a lot more investigation to try to find the ideal patients here


We focus on developing valuable customer relationships, supporting our customers in their communities and through their enterprises and delivering our services and products through a range of channels.

we focus on developing valuable customer relationships supporting our customers in their communities and through their enterprises and delivering our services and products through a range of channels


within markets, different customer segments have been coming into the housing equation at different times. I think coming out of the last downturn, we saw more of the move up buyers

within markets different customer segments have been coming into the housing equation at different times i think coming out of the last downturn we saw more of the move-up buyers


is very much to continue to develop products both internally or organically, but also through inorganic. What we've had a chance to talk about

is very much to continue to develop products both internally or organically but also through inorganic what -- we've had a chance to talk about


a significant amount of available space which will have to be renovated in Massachusetts and Reno, and some ability to build small pockets

significant amount of available space which will have to be renovated in massachusetts and reno and some ability to build small pockets


Looking into Q1, even though our international cash conversion cycle is stretched out, we expect to be cash neutral or positive on an operating basis.

looking into q1 even though our international cash conversion cycle is stretched out we expect to be cash neutral or positive on an operating basis


that we can handle vastly larger amounts of e-commerce packages in the future at profitable rates


break that out a little bit of how much of it is the market, how much of it is new launches, how much of it is share gains? And I know it's going to be tough to do, but any thoughts you have there?

break that out a little bit of how much of it is the market how much of it is new launches how much of it is share gains and i know it's going to be tough to do but any thoughts you have there


So we'll see the benefits of those more from a year-over-year basis in the second half of the year. So I think we'll see some of the variable expenses higher in the second half of the year

so we'll see the benefits of those more from a year-over-year basis in the second half of the year so i think we'll see some of the variable expenses higher in the second half of the year


Another attractive area for growth is to increase our global market share, including developing a greater business presence in China, India,

another attractive area for growth is to increase our global market share including developing a greater business presence in china india


Again, we spend a lot of time talking about PST over the different calls and it's nice not to have to talk about performance misses and really to be able to talk about the performance

again we spent a lot of time talking about pst over the different calls and it's nice not to have to talk about performance misses and really to be able to talk about the performance


We believe the global and U.S. macro picture remains solid and expect that good underlying economic growth will continue to support strong demand for our products

we believe the global and u s macro picture remains solid and expect that good underlying economic growth will continue to support strong demand for our products


On a comparable basis, excluding the contribution of these travel centers, improvement in both light product margin and merchandise margin were higher than what is shown in the table.

on a comparable basis excluding the contribution of these travel centers improvement in both light product margin and merchandise margin were higher than what is shown in the table


Technology operations remains steady and growing, and we're collaborating closely with our customers to continue delivering the technology solutions that they need.

technology operations remain steady and growing and we're collaborating closely with our customers to continue delivering the technology solutions that they need


with our continued transition of administrative certain responsibilities to our reinsurer and the resulting ability to reduce the size of our staff.

with our continued transition of administrative responsibilities to our reinsurer and the resulting ability to reduce the size of our staff


it's going into an area that our competitors have -- don't have the same amount of ability to go into. We can carry a larger selection

it's going into an area that our competitors have -- don't have the same amount of ability to go into we can carry a larger selection


These changes are consistent with our announced plans and strategy to vacate and redevelop spaces,

these changes are consistent with our announced plans and strategy to vacate and redevelop spaces


Bear in mind that some of the leasing that we did with early in the cycle -- early in the cycle of the market as well as early in the cycle of our property redevelopment

bear in mind that some of the leasing that we did with -- early in the cycle early in the cycle of the market as well as early in the cycle of our property redevelopment


The outlook for lubricants in the domestic market is not really encouraging. We believe to be well positions in -- well positioned in terms of clients and products portfolio,

the outlook for lubricants in the domestic market is not really encouraging we believe to be well positioned in -- well positioned in terms of clients and products portfolio


Our customer made the switch to PolyOne due to our existing relationships and their collaboration with other PolyOne business segments.

our customer made the switch to polyone due to our existing relationships and their collaboration with other polyone business segments


Okay. Thank you. We appreciate you joining us this afternoon. It's really nice to be able to talk about these results and we look forward to sharing

okay thank you appreciate you joining us this afternoon it's really nice to be able to talk about these results and we look forward to sharing


while maintaining the characteristics of livability. As with Passport, the new products were extremely well received by our associates.

while maintaining the characteristics of livability as with passport the new products were extremely well received by our associates


more than the growth rates we are expecting, we are hoping that the costs will be lower in growth. We will be creative and with our sales promotion initiatives

more than the growth rates we are expecting we are hoping that the costs will be lower in growth we will be creative and with our sales promotion initiatives


This performance was driven by our generics business, which benefited from important product launches as well as the continued growth of our XIAFLEX franchise.

this performance was driven by our generics business which benefited from important product launches as well as the continued growth of our xiaflex franchise


which enables us to step on the gas pedal and growing our dermatology business with no dilution to shareholders, and with the use of only part of these proceeds.

which enables us to step on the gas pedal in growing our dermatology business with no dilution to shareholders and with the use of only part of these proceeds


the plan would be to go right into long-term combination trials with the goal of trying to find recipes that could


Yes, I noticed the contribution margin has stayed pretty consistent, so I guess that's the better metric to look at when we're looking at just overall credit risk of the book, right?

yes i noticed the contribution margin has stayed pretty consistent so i guess that's the better metric to look at when we're looking at just overall credit risk of the book right


We like this line of business from an underwriting perspective and believe Corvus' approach could help us improve the loss ratio on the business we underwrite here for ourselves.

we like this line of business from an underwriting perspective and believe corvus' approach could help us improve the loss ratio in the business we underwrite here for ourselves


which were partially offset by declines in REMICADE and NASONEX. I'll now highlight a few of our key franchises and product launches, and I'm going to begin with oncology.

which were partially offset by declines in remicade and nasonex i'll now highlight a few of our key franchises and product launches and i'm going to begin with oncology


We have improved our management team and built a regional bank with a franchise that goes from the suburbs of Philadelphia to North Jersey and the New York metropolitan area.

we have improved our management team and built a regional bank with a franchise that goes from the suburbs of philadelphia to north jersey and the new york metropolitan area


From our work, it's clear that you need a much broader immune response kind of mimicking what a natural RSV infection induces.

from our work it's clear that you need a much broader immune response kind of mimicking what a natural rsv infection induces


I think the 11 years is maybe an exceptional long period to drive something which is very impactful, but that is certainly one that we will have to continue to do,

i think the 11 years is maybe an exceptional long period to do -- drive something which is very impactful but that is certainly one that we will have to continue to do


the numbers that Assure was booking were consistent with other companies were realizing, and actually the cash that was being collected was consistent with the numbers being accrued.

the numbers that acheron was booking were consistent with other companies were realizing and actually the cash that was being collected was consistent with the numbers being accrued


to regular customers. We're also excited about the potential to make these customers even more loyal and more frequent. After all, frequent customers start as infrequent ones.

to regular customers we're also excited about the potential to make these customers even more loyal and more frequent after all frequent customers start as infrequent ones


So this is what it is in terms of cash flow. Nothing much is happening and nothing special is happening. So

so this is what it is in terms of cash flow nothing much is happening and nothing special is happening so


compliance cost go up, we're able to pass that on to clients. Because it's more and more expensive to take on clients, so we're continuing to

compliance costs go up we're able to pass that on to clients because it's more and more expensive to take on clients so we're continuing to


for some time. We have been struggling with one of our factories in Czech Republic to get workers, and to keep the workers, and this bottleneck has been

for some time we have been struggling with one of our factories in czech republic to get workers and to keep the workers and this bottleneck has been


I don't know whether people would rather us sand bag and beat the heck out of stuff all the time or not but I think we've been very transparent and we'll continue to do so. If that means that

i don't know whether people would rather us sandbag and beat the heck out of stuff all the time or not but i think we've been very transparent and we'll continue to do so if that means that


where we experienced healthy volume growth in 2016. Based on these trends, our outlook for the aerospace market remains positive.

where we experienced healthy volume growth in 2016 based on these trends our outlook for the aerospace market remains positive


We believe our ability to increase our gross profit margin was made possible by significant investments we have made in our value-added processing equipment

we believe our ability to increase our gross profit margin was made possible by significant investments we have made in our value-added processing equipment


learn as we go here a little bit. But we want to make sure we are delivering a high-quality service experience. And we want to make sure we're delivering

learn as we go here a little bit but we want to make sure we are delivering a high-quality service experience and we want to make sure we're delivering


Before we begin, I'd like to remind you that during the call, we will be making forward-looking statements that are subject to risks and uncertainties. Some of the factors that could impact the future results

before we begin i'd like to remind you that during the call we will be making forward-looking statements that are subject to risks and uncertainties some of the factors that could impact our results


relatively sustainable. If anything, we should realize more cost synergy as we go through the integration. Now

relatively sustainable if anything we should realize more cost synergy as we go through the integration now


So I don't know what -- we don't have or can't give an estimate of what we think the eligible universe could expand to, but we are optimistic that it is a

so i don't know what -- we don't have and can't give an estimate of what we think the eligible universe could expand to but we are optimistic that it is a


Part of that is also an unlimited option where we're monetizing. People can choose to get that rather than stay within our typical plan.

part of that is also an unlimited option where we're monetizing people can choose to get that rather than stay within our typical plans


I would say, a percentage of provision that you need to apply to the loan, you start doing exactly the same with what is happening with the interest and you start nuts

i would say a percentage of provision that you need to apply to the loan you start doing exactly the same with what is happening with the interest and you start not


to build real enduring growth, which is generating the positive momentum and green shoots already evident in this extremely competitive environment.

to build real enduring growth which is generating the positive momentum and green shoots already evident in this extremely competitive environment


From the challenge perspective, I would love Kevin to weigh in as well. I mean, the most important thing is absolutely making sure that the guest experience is right and that the food gets delivered correctly on time

from the challenge perspective i would love kevin to weigh in as well i mean the most important thing is absolutely making sure that the guest experience is right and that the food gets delivered correctly on time


This recent order provides guidance on FERC's new methodology for establishing ROEs, which is expected to be used in addressing outstanding complaints.

this recent order provides guidance on ferc's new methodology for establishing roes which is expected to be used in addressing outstanding complaints


I think that we certainly are going to grow organically excluding that contract. Really, the big question is where does it all net out? I think that's what you're getting at with your question, Ed.

i think that we certainly are going to grow organically excluding that contract really the big question is where is it all net out and i think that's what you're getting at with your question ed


A brand represents an organic life. It has a life of its own.

a brand represents an organic life it has a life of its own


the farmers. They can take care of their own fish and cows. Consumer goods are different. You need to interact with consumers.

the farmers they can take care of their own fish and cows consumer goods are different you need to interact with consumers


That's really the most frequent move activity. So when you think about churn, it isn't about people sitting at home deciding today is a good day to switch my provider. There's usually a life event

that's really the most frequent move activity so when you think about churn it isn't about people sitting at home deciding today is a good day to switch my provider there's usually a life event


This will enable us to expand our portfolio at a time when urban Vancouver is transforming from a secondary to a primary Canadian office market.

this will enable us to expand our portfolio at a time when urban vancouver is transforming from a secondary to a primary canadian office market


how do they incentivize the electric distribution companies to meet some of the clean energy


We changed our marketing strategy. Our marketing is now more regionally focused. We are also tackling social media.

we changed our marketing strategy our marketing is now more regionally focused we are also tackling social media


Our use of the term EBITDA throughout this morning's call corresponds with the term adjusted EBITDA as defined in our earnings release.

our use of the term ebitda throughout this morning's call corresponds with the term adjusted ebitda as defined in our earnings release


But are there opportunities for further growing and even for duplicating the state of the market in the developed Europe? Of course, we have because we can offer to date

but as there are opportunities for further growing and even for duplicating the share of the market in the developed europe of course we have because we can offer today


Okay, great. That's helpful. And then maybe just a question on the dividend policy. I think cash levels are pretty similar to where they were last year. Is that

okay great that's helpful and then maybe just a question on dividend policy i think cash levels are pretty so much where they were last year is that


as a means of managing concentration by sharing credit exposure with other banks that you are familiar with that operate in our primary markets.


you will end up close to the number that I have mentioned. Of course, we also have retained earnings that have a positive impact

you will end up close to the number that i have mentioned of course we also have retained earnings that have a positive impact on


do you guys see acquisitions taking more prominence in your capital deployment strategy now? And are you seeing any acquisition opportunities?

do you guys see acquisitions taking more prominence in your capital deployment strategy now and are you seeing any acquisition opportunities


what kind of level of growth are you looking for? Are you concerned about that country kind of like Mexico a year ago when it sustained earthquakes?

what kind of level of growth are you looking for are you concerned about that country kind of like mexico a year ago when it sustained earthquakes


The 14% decrease was due to cost increases to support future growth and return to a normal level of expense at the medical schools.

the 14% decrease was due to cost increases to support future growth and return to a normal level of expense at the medical schools


a bit under challenge due to the changes in tax rate structures and the competitive market that we see in that. That's been sort of a continuation of their

a bit under challenge due to the changes in tax rate structures and the competitive market that we see in that that's been sort of a continuation of their


The increase in direct research and development expense in the 3 months ended September 30, 2018 was primarily due to an increase in clinical study costs

the increase in direct research and development expense in the 3 months ended september 30 2018 was primarily due to an increase in clinical study costs


We're constantly in discussions with them about them telling us where they want to go and how they want to go and looking -- one of the concerns people have is that they're going to

we're constantly in discussions with them about them telling us where they want to go and how they want to go and looking -- one of the concerns people have is that they're going to


And everything we're seeing now, we see that on track. Much of that is being driven, not by just pure market prices, but it's now being driven by our own efforts

and everything we're seeing now we see that on track much of that is being driven not by just pure market prices but it's now being driven by our own efforts


As Jeff mentioned earlier, we achieved this record origination volume while maintaining our strong credit underwriting standards and without increasing approval rates.

as jeff mentioned earlier we achieved this record origination volume while maintaining our strong credit underwriting standards and without increasing approval rates


Again, all of these individuals are doing significant work to make sure that the product that we do have gets to surgeons, fulfills the cases and takes care of the patients.

again all of these individuals are doing significant work to make sure that the product that we do have gets to surgeons fulfills the cases and takes care of the patients


in your area relative to other generation sources, in particular, that'd be gas. And then related to that, how regulators might view

in your area relative to other generation sources in particular gas and then related to that how regulators might view